30 Day Notice

Federal Register / Vol. 85, No. 29 / Wednesday, February 12, 2020 / Notices
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) 15 of the Act.
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
under Section 19(b)(2)(B) 16 of the Act to
determine whether the proposed rule
change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:

lotter on DSKBCFDHB2PROD with NOTICES

Electronic Comments
• Use the Commission’s internet
comment form (http://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
IEX–2020–02 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–IEX–2020–02. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (http://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written

communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–IEX–2020–02 and should
be submitted on or before March 4,
2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–02749 Filed 2–11–20; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–794, OMB Control No.
3235–0737]

Proposed Collection; Comment
Request; 30 Day Notice—Submission
for OMB Review; Comment Request;
Extension: Rule 22e–4 (30 Day Notice
2019)
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
30 day notice—Submission for OMB
Review; Comment Request
Extension:
Rule 22e–4 (30 Day Notice 2019)

Notice is hereby given that, under the
Paperwork Reduction Act of 1995 (44
U.S.C. 3501–3520), the Securities and
Exchange Commission (the
‘‘Commission’’) is soliciting comments
on the collections of information
summarized below. The Commission
plans to submit 1 this existing collection
17 17

CFR 200.30–3(a)(12).
30-day notice supersedes the notice
originally published in the Federal Register on
February 5, 2020 (85 FR 6588, Feb. 5, 2020). That

8085

of information to the Office of
Management and Budget for extension
and approval.
Section 22(e) of the Investment
Company Act of 1940 (‘‘Investment
Company Act’’) provides that no
registered investment company shall
suspend the right of redemption or
postpone the date of payment of
redemption proceeds for more than
seven days after tender of the security
absent specified unusual circumstances.
The provision was designed to prevent
funds and their investment advisers
from interfering with the redemption
rights of shareholders for improper
purposes, such as the preservation of
management fees. Although section
22(e) permits funds to postpone the date
of payment or satisfaction upon
redemption for up to seven days, it does
not permit funds to suspend the right of
redemption for any amount of time,
absent certain specified circumstances
or a Commission order.
Rule 22e–4 under the Act [17 CFR
270.22e–4] requires an open-end fund
and an exchange-traded fund that
redeems in kind (‘‘In-Kind ETF’’) to
establish a written liquidity risk
management program that is reasonably
designed to assess and manage the
fund’s or In-Kind ETF’s liquidity risk.
The rule also requires board approval
and oversight of a fund’s or In-Kind
ETF’s liquidity risk management
program and recordkeeping. Rule 22e–4
also requires a limited liquidity review,
under which a UIT’s principal
underwriter or depositor determines, on
or before the date of the initial deposit
of portfolio securities into the UIT, that
the portion of the illiquid investments
that the UIT holds or will hold at the
date of deposit that are assets is
consistent with the redeemable nature
of the securities it issues and retains a
record of such determination for the life
of the UIT and for five years thereafter.
The following estimates of average
burden hours and costs are made solely
for purposes of the Paperwork
Reduction Act and are not derived from
a comprehensive or even representative
survey or study of the cost of
Commission rules and forms.
Commission staff estimates that funds
within 846 fund complexes are subject
to rule 22e–4. Compliance with rule
22e–4 is mandatory for all such funds
and In-Kind ETFs, with certain program
elements applicable to certain funds
within a fund complex based upon
whether the fund is an In-Kind ETF or
does not primarily hold assets that are
highly liquid investments. The

1 This

15 15
16 15

U.S.C. 78s(b)(3)(A)(ii).
U.S.C. 78s(b)(2)(B).

VerDate Sep<11>2014

17:03 Feb 11, 2020

Jkt 250001

PO 00000

Frm 00169

Fmt 4703

Sfmt 4703

notice incorrectly contained the heading ‘‘Proposed
Collection’’.

E:\FR\FM\12FEN1.SGM

12FEN1

lotter on DSKBCFDHB2PROD with NOTICES

8086

Federal Register / Vol. 85, No. 29 / Wednesday, February 12, 2020 / Notices

Commission estimates that a fund
complex will incur a one time average
burden of 40 hours associated with
documenting the liquidity risk
management programs adopted by each
fund within a fund complex, in addition
to a one time burden of 10 hours per
fund complex associated with fund
boards’ review and approval of the
funds’ liquidity risk management
programs and preparation of board
materials. We estimate that the total
burden for initial documentation and
review of funds’ written liquidity risk
management program will be 42,300
hours.
Rule 22e–4 requires any fund that
does not primarily hold assets that are
highly liquid investments to determine
a highly liquid investment minimum for
the fund, which must be reviewed at
least annually, and may not be changed
during any period of time that a fund’s
assets that are highly liquid investments
are below the determined minimum
without approval from the fund’s board
of directors. We estimate that fund
complexes will have at least one fund
that will be subject to the highly liquid
investment minimum requirement.
Thus, we estimate that 846 fund
complexes will be subject to this
requirement under rule 22e–4 and that
the total burden for preparation of the
board report associated will be 11,844
hours.
Rule 22e–4 requires a fund or In-Kind
ETF to maintain a written copy of the
policies and procedures adopted
pursuant to its liquidity risk
management program for five years in
an easily accessible place. The rule also
requires a fund to maintain copies of
materials provided to the board in
connection with its initial approval of
the liquidity risk management program
and any written reports provided to the
board, for at least five years, the first
two years in an easily accessible place.
If applicable, a fund must also maintain
a written record of how its highly liquid
investment minimum and any
adjustments to the minimum were
determined, as well as any reports to the
board regarding a shortfall in the fund’s
highly liquid investment minimum, for
five years, the first two years in an
easily accessible place. We estimate that
the total burden for recordkeeping
related to the liquidity risk management
program requirement of rule 22e–4 will
be 3,384 hours.
We estimate that the hour burdens
and time costs associated with rule 22e–
4 for open-end funds, including the
burden associated with (1) funds’ initial
documentation and review of the
required written liquidity risk
management program, (2) reporting to a

VerDate Sep<11>2014

17:03 Feb 11, 2020

Jkt 250001

fund’s board regarding the fund’s highly
liquid investment minimum, and (3)
recordkeeping requirements will result
in an average aggregate annual burden
of 25,380 hours,
UITs may in some circumstances be
subject to liquidity risk (particularly
where the UIT is not a pass-through
vehicle and the sponsor does not
maintain an active secondary market for
UIT shares). On or before the date of
initial deposit of portfolio securities into
a registered UIT, the UIT’s principal
underwriter or depositor is required to
determine that the portion of the
illiquid investments that the UIT holds
or will hold at the date of deposit that
are assets is consistent with the
redeemable nature of the securities it
issues, and maintain a record of that
determination for the life of the UIT and
for five years thereafter. We estimate
that 1,385 newly registered UITs will be
subject to the UIT liquidity
determination requirement under rule
22e–4 each year. We estimate that the
total burden for the initial
documentation and review of UIT
funds’ written liquidity risk
management program would be 13,850
hours. We estimate that the total burden
for recordkeeping related to UIT
liquidity risk management programs
will be 2,770 hours.
Compliance with the collection of
information requirements of the rule is
necessary to obtain the benefit of relying
on the rule. ‘‘An agency’’ may not
conduct or sponsor, and a person is not
required to respond to, a collection of
information unless it displays a
currently valid control number.
The public may view the background
documentation for this information
collection at the following website,
www.reginfo.gov. Comments should be
directed to: (i) Desk Officer for the
Securities and Exchange Commission,
Office of Information and Regulatory
Affairs, Office of Management and
Budget, Room 10102, New Executive
Office Building, Washington, DC 20503,
or by sending an email to:
[email protected]; and (ii)
David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Cynthia
Roscoe, 100 F Street NE, Washington,
DC 20549 or send an email to: PRA_
[email protected]. Comments must be
submitted to OMB within 30 days of
this notice.
Dated: February 6, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.

PO 00000

Frm 00170

Fmt 4703

Sfmt 4703

National Small Business Development
Centers Advisory Board
Small Business Administration.
Notice of open Federal Advisory
Committee meeting.

AGENCY:
ACTION:

The SBA is issuing this notice
to announce the date, time and agenda
for a meeting of the National Small
Business Development Center Advisory
Board. The meeting will be open to the
public; however, advance notice of
attendance is required.
DATES: Wednesday, February 12, 2020 at
11:00 a.m. EST.
ADDRESSES: Meeting will be held via
conference call.
FOR FURTHER INFORMATION CONTACT:
Alanna Falcone, Office of Small
Business Development Centers, U.S.
Small Business Administration, 409
Third Street SW, Washington, DC
20416; [email protected]; 202–
619–1612.
If anyone wishes to be a listening
participant or would like to request
accommodations, please contact Alanna
Falcone at the information above.
SUPPLEMENTARY INFORMATION: Pursuant
to section l0(a) of the Federal Advisory
Committee Act (5 U.S.C. Appendix 2),
the SBA announces the meetings of the
National SBDC Advisory Board. This
Board provides advice and counsel to
the SBA Administrator and Associate
Administrator for Small Business
Development Centers.
SUMMARY:

Purpose
The purpose of the meeting is to
onboard the new members and discuss
the following issues pertaining to the
SBDC Program:
• SBA Briefing
• Member Introductions
• Annual Meetings
• Board Assignments
Nicole Nelson,
Acting Committee Management Officer.
[FR Doc. 2020–02732 Filed 2–11–20; 8:45 am]
BILLING CODE P

SMALL BUSINESS ADMINISTRATION
[Disaster Declaration # 16253 and # 16254;
PUERTO RICO Disaster Number PR–00034]

Presidential Declaration Amendment of
a Major Disaster for the
Commonwealth of Puerto Rico
U.S. Small Business
Administration.
ACTION: Amendment 2.
AGENCY:

[FR Doc. 2020–02733 Filed 2–11–20; 8:45 am]
BILLING CODE 8011–01–P

SMALL BUSINESS ADMINISTRATION

E:\FR\FM\12FEN1.SGM

12FEN1